Bill Gates and Microsoft CEO Steve Ballmer both fought back tears as they concluded a farewell event for the Microsoft co-founder on the company’s Redmond campus this morning. Ballmer presented Gates with a bound scrapbook of photos and memories — acknowledging that no mere parting gift could do justice to the moment. Then Gates addressed Microsoft’s employees for the last time in his full-time role. Here’s what he said.

Since Gates has been gradually weaning Microsoft away from his presence, I’m sure the transition will go off smoothly, but only time will tell if Gates can avoid the curse of founding entrepreneurs who have to come back to straighten out their “babies” when things go awry.